wrongful foreclosure

The agreements announced Wednesday with the Federal Reserve were similar to deals struck earlier this month with 10 other major banks and mortgage lenders, relating to wrongful foreclosures. Combined, the 12 firms will pay more than $9 billion.

Ten major banks and mortgage companies have agreed to pay $8.5 billion to settle complaints that they wrongfully foreclosed on homeowners. Under the settlement, people who were wrongfully foreclosed on could receive from a few hundred dollars up to $125,000.